# Full Mediation Accounting

Sequential addition of mediators to Z → gross_assets_gdp

Common sample throughout. Controls: rgdp_growth, fiscal_bal_gdp, nfa_gdp_lag

| Model                          | Added                          |   Z_1_coef |   Z_1_se |    Z_1_p | % attenuation   |    N |          R² |
|:-------------------------------|:-------------------------------|-----------:|---------:|---------:|:----------------|-----:|------------:|
| M0: Z + controls               | —                              |   5607.78  | 3952.12  | 0.156188 | —               | 1172 | 0.000778895 |
| M1: + pension_spending         | pension_spending_gdp           |   5610.3   | 3952.32  | 0.156022 | -0.0%           | 1172 | 0.00333065  |
| M2: + financial_depth          | financial_depth                |   6094.37  | 3876.83  | 0.116222 | -8.7%           | 1172 | 0.0198994   |
| M3: + kaopen                   | kaopen                         |   -982.477 |  652.775 | 0.132588 | 117.5%          | 1118 | 0.0252713   |
| M4: + pension + fin_depth      | pension + financial_depth      |   6093.09  | 3878.24  | 0.116432 | -8.7%           | 1172 | 0.0209857   |
| M5: + pension + fin_depth + EZ | pension + fin_depth + eurozone |   6252.73  | 3896     | 0.108785 | -11.5%          | 1172 | 0.0238635   |